Turn Your Treasures Into a Charitable Legacy
Your treasures like valuable antiques, stamp and coin collections, works of art, cars, boats and other personal property can make suitable charitable gifts today or after your lifetime. The financial benefits of the gift depend on whether your estate can sell the property so we can add the proceeds to your charitable fund at Innovia Foundation.
Only related use property-e.g., a piece of artwork we would display or a building we would occupy-is deductible at the full fair market value. Any other property is deemed nonrelated use property and the deduction would be limited to the lesser of fair market value or your tax basis in the property.
If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.
Ways to Use Property as a Donation
An outright gift. This allows you to get started with your charitable fund today and receive a federal income tax charitable deduction when you itemize.
A gift in your will or living trust. You can leave a legacy at Innovia Foundation by donating property to us through your will or living trust.
A memorial or tribute gift. If you have a friend or family member whose life has been touched by one or more charities, consider establishing a fund at Innovia Foundation in his or her name to benefit those charities.
An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support for your favorite charitable causes will last forever.
A charitable remainder trust. You may be able to contribute tangible personal property to a charitable remainder trust (CRT), provided you have a qualified appraisal of the property. You receive an immediate tax deduction for your gift to a CRT. You also reduce or avoid capital gains taxes associated with the gifted property. Once the property is sold, you—or your named beneficiary—receive income from the trust. When the trust's term is complete, the remaining assets are added to your fund at Innovia Foundation to support your charitable objectives. Additional contributions of cash or appreciated securities may be necessary to cover expenses until the property is sold.
A donor advised fund. Gifts to donor advised funds are not limited to cash and securities. Tangible personal property such as valuable antiques, stamp and coin collections, art, cars and boats may be able to be gifted and sold to benefit your fund.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. If you do not currently have a professional advisor, please contact our office for a list of current professional advisors. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
